Estate planning is one of the most proactive things that you can do to ensure the proper allocation of your assets in the event of your passing on unexpectedly. Proper planning ahead of time makes it clear cut and easy to distribute your estate to the proper parties that you have previously designated and eliminates the hassle of court proceedings and extensive paperwork that would likely follow if several people had to vie for claims to your estate. In short, estate planning is a record of your final word on distributing your estate and thanks to the work of a Notary Public in Surrey, is quite easy to accomplish.
Here are some of the vital components associated with estate planning and its execution:
Wills: A will is a document that most people are familiar with because it’s traditionally thought of as the end all, be all of documents. You may have seen in movies or even in real life, the reading of a person’s will after they have passed. Generally, the will is one of the most useful documents in the estate planning process because it’s a clear allocation of your remaining assets unto your family and friends. There’s very little interpretation needed when it comes to executing a will, especially if you’ve had guidance in preparing one from a Notary Public in Surrey.
Trusts: Let’s say that you want to leave something of a very high value to someone of a very young age after you pass away. Chances are, you have the best intentions in mind for this person, which is why you may not want them to have that high priced asset just yet, but rather later on in life when they’re able to appropriately manage it. A trust, filed by a Notary Public in Surrey, will allow you to create a beneficiary scenario, in which the asset in question is given to the person you designate when they reach a certain age. In the mean time, the asset can be held by another member of your family or stay in a state of limbo. Regardless of who it’s going to or when it’s going there, however, it’s a good idea to make sure that a trust is readily prepared as part of your estate planning if you find yourself in a scenario like the one outlined above.
Power of Attorney: In the event that you become unable to think and act for yourself, what’s going to happen to you? If you don’t have a power of attorney document filled out, chances are there will be some dispute over who is going to make choices for you. However, if you’ve consulted a Notary Public in Surrey and have taken steps to properly file a power of attorney, then the person that you have previously designated before you became incapable of thinking for yourself will act on your behalf. This type of legal representation can become very important in the event of a medical emergency and should always be readily defined.